A Texas lawmaker who also operates a CPA practice has introduced a pair of bills in the Texas legislature that would exempt CPAs who prepare financial statements for small businesses from the state’s mandatory peer review program, and ensure at least two sole practitioners are represented on the Texas State Board of Accountancy.
Texas Representative Phil Stephenson, CPA, recently filed the two bills with the legislature in an effort to assist small practitioners in his state. Stephenson, who owns an accounting practice in Wharton, Texas, believes the state over‐regulates the practice of public accounting, particularly for small, hometown CPA practices. “Loosening this requirement will not harm the public’s interest,” he said.
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